King Charles III won’t pay 40% inheritance tax on £641 million estate
A government spokesperson said "the Monarchy as an institution needs sufficient private resources to enable it to continue to perform its traditional role in national life".
With the nation in mourning following the death of Queen Elizabeth II, King Charles III has inherited her position as head of state.
His Majesty has also inherited most of the Queen’s multi-million-pound estate, which is reported to be worth £641 million by AS News.
This includes a mixture of public and private assets, with the late Monarch having reportedly ammassed tens of millions in private wealth through art and racehorses and other assets throughout her lifetime.
But while ordinary British citizens are required by law to pay a 40% tax on inheritance over £325,000, this won’t be the case for the new monarch.
The reason is thanks to a 1993 change in royal inheritance law that prevents a depletion of royal funds in the case of royal deaths in quick succession.
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Despite being introduced by the John Major government nearly 20 years ago, the change was not applied until 2002 following the death of the Queen Mother. Now it is being applied again, effectively depriving the Treasury of a windfall.
Speaking to The Express, a government spokesperson said that requiring the Moarch to make an inheritance tax payment would ‘inappropriate’.
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In a comment given to the paper, the Government explained: “Some assets are held by the Queen as Sovereign rather than as a private individual.
“They are not sold to provide income or capital for the personal use of the Queen and pass from one Sovereign to the next.
“The official residences, the Royal Archives, the Royal Collection of paintings and other works of art and other assets held by the Queen in right of the Crown fall into this category.
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“It would clearly be inappropriate for inheritance tax to be paid in respect of such assets.”
However, a spokesperson also said that the new King would also be exempt from paying tax on private assets because “the Monarchy as an institution needs sufficient private resources to enable it to continue to perform its traditional role in national life”.
They added another reason for the exemption is to ensure the monarch has “a degree of financial independence from the Government of the day.”
Any relatives beyond King Charles II, however, will still be required to pay tax on inherited assets.
The Government outlines: “In relation to assets which can properly be regarded as private, the arrangements provide that inheritance tax will not be paid on gifts of bequests from one sovereign to the next, but will be payable on gifts and bequests to anyone else.
“Tax will also not be payable on assets passing to the Sovereign on the death of a consort of a former Sovereign.
“The reasons for not taxing assets passing to the next Sovereign are that private assets such as Sandringham have official as well as private use, and that the Monarchy as an institution needs sufficient private resources to enable it to continue to perform its traditional role in national life, and to have a degree of financial independence from the Government of the day.”
Feature image – BBC
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Teens could be recruited as train drivers to help ‘improve’ Britain’s railways amid ongoing strikes
Emily Sergeant
Teenagers could soon be recruited as train drivers in a bid to help “improve” Britain’s railways, the Government has announced.
Amid what have been ongoing strikes for the past couple of years now, and following on from the announcement back in February that ASLEF train drivers at several train companies and operators had voted ‘overwhelmingly’ to continue taking industrial action for another six months, the Government has now proposed lowering the minimum age to become a train driver from 20 to 18.
A consultation on the somewhat-controversial move is to be launched as part of the Government’s efforts to open up more careers in the rail sector to young people.
Ultimately, transport ministers believe this could “improve the reliability of rail services” across the UK.
This surprising recruitment drive announcement comes after the Government has revealed that the train driver workforce is projected to shrink without opening up more opportunities for new recruits in the near future – especially given the fact the average age of a train driver in Britain is 48 years old, and many are set to retire within the next five years or so.
Under the new proposals set to go out to consultation, the Department for Transport (DfT) will create a new pathway for school leavers to take up apprenticeships and train to join the profession.
If agreed following the consultation, the new regulations to lower the minimum age for train drivers from 20 to 18 could be in place as early as this summer, according to the Government, which will apparently “help set thousands of young people on track to a career in transport” once they’ve bid farewell to their school days.
The Government says its proposal to lower the minimum age would “build resilience” across the railway.
The Government has launched a consultation of the lowering of the minimum train driver age / Credit: Northern
Not only is the proposal said to form part of wider Government plans to create more opportunities where young people can gain the skills they need to succeed, all while generating more jobs that lead to a “productive” and “high-skilled” economy, but transport ministers believe attracting more young train drivers would help the rail industry provide a “more reliable service” for customers when other staff are off sick or on annual leave.
By opening up the sector to young people, the Government claims this would be “a positive step” and one that directly benefits passengers.
“We want to open the door for young people considering transport as a career, and this proposal could give school-leavers a clear path into the sector,” commented Rail Minister, Huw Merriman, as the proposals were unveiled this week.
We're asking for views on lowering the minimum age requirement to become a train driver in Great Britain from 20 to 18.
This could open the door to thousands of new opportunities for young people in transport.
“By boosting age diversity in the sector and attracting more drivers, we can help support reliable services while creating opportunities for more young people.”
If the proposals are introduced, the Government says all prospective train drivers, regardless of their age, will continue to be held to the same stringent training requirements as before to ensure the safe use of our railways for everyone.
To become a licensed train driver in the UK, trainees must pass mandatory medical, psychological, fitness, and general professional competence examinations.
They must also be trained by their employer on the trains and tracks they will be deployed on.
Featured Image – Northern
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Manchester welcomes ‘proud Mancunian’ Paul Andrews as city’s new Lord Mayor
Emily Sergeant
Manchester has welcomed a new Lord Mayor this week, and he’s ready to “serve hardworking Mancunians who want to see their beloved city thrive”.
Following Councillor Yasmine Dar’s departure from the role, Councillor Paul Andrews has now taken over the reins, and was officially appointed the new Lord Mayor of Manchester during a full Manchester City Council meeting yesterday (15 May).
This makes the “proud Mancunian” the 126th person to hold the Mayor title in the city’s history.
Born in Crumpsall, and spending the majority of his life living in the Bradford area of the city before moving to Wythenshawe in 1959, Cllr Andrews successfully completed an apprenticeship in the print industry following his graduation from Poundswick Grammar School in 1970.
His working life began as a baggage handler at Manchester Airport in 1978, but it was almost two decades before he started his politics career.
Cllr Andrews was first elected to Manchester City Council in 1996, where he represented the Woodhouse Park Ward.
Manchester has welcomed ‘proud Mancunian’ Paul Andrews as the city’s new Lord Mayor / Credit: Manchester City Council
The “tireless work ethic” he demonstrated throughout his Airport career was carried over into his Councillor role, with other Manchester City Council members often noting his “outstanding” participation in committees, his serving on and completing of two terms on the Executive Committee, and his sitting on numerous governing bodies.
Most notably, he was the Council’s Executive Member for Adults, Health and Wellbeing, and he also served on the Foster Panel for a decade too.
Even throughout his time as a Councillor, Paul was keen to keep to “his roots”, and chose to serve on the Manchester Airport Trust Fund and the Port Health Authority as a way of reflecting his “unflinching dedication” to “bettering Manchester”.
— Manchester City Council (@ManCityCouncil) May 15, 2024
Celebrating carers is described as one of Cllr Andrews’ and his wife, Karen’s – who he has been married to since 1996, and has been a “steadfast supporter” in his duty to public life – “most revisited themes”, as he was known for being passionate about improving the livelihoods of vulnerable young people with help through volunteers and professional organisations.
Outside of his political life, Cllr Andrews’ favourite way to pass the time is fishing, and he also likes to take regular visits to Ireland and Scotland with his family.
“To be appointed as Lord Mayor of this city is humbling and an utmost honour,” Cllr Andrews said after being appointed as the new Lord Mayor of Manchester yesterday.
He said the honour is one he “does not take lightly”.
“As I seek to serve hardworking Mancunians who want to see their beloved city thrive, under my tenure and through our core values of hard work, collaboration, and innovation, I aim to continue Manchester’s legacy of being a city that supports our residents to succeed,” Cllr Andrews concluded.